Holmberg v. Armbrecht, 327 U.S. 392 (1946)
U.S. Supreme CourtHolmberg v. Armbrecht, 327 U.S. 392 (1946)
Holmberg v. Armbrecht
Argued February 1, 1946
Decided February 25, 1946
327 U.S. 392
1. Decision of a suit in a federal court to enforce a federally created equitable right is not controlled by the statute of limitations of the State of the forum. Guaranty Trust Co. v. York, 326 U. S. 99, distinguished. Accordingly, a class suit by creditors of a joint stock land bank to enforce the liability imposed upon shareholders of the bank by § 16 of the Federal Farm Loan Act is not barred by the state statute of limitations. P. 327 U. S. 394.
2. Statutes of limitations are not controlling measures of equitable relief, but have been drawn upon by equity solely for the light they may shed in determining that which is decisive for the chancellor's intervention, namely, whether the plaintiff has inexcusably slept on his rights, so as to make a decree against the defendant unfair. P. 327 U. S. 396.
150 F.2d 829 reversed.
From a judgment for the plaintiffs in a suit to enforce a statutory liability of stockholders of a farm loan bank, the defendants appealed. The circuit court of appeals reversed. 150 F.2d 829. This Court granted certiorari. 326 U.S. 712. Reversed and remanded, p. 327 U. S. 398.